In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
Thus, Wells Fargo serves middle America and ordinary Americans. If ordinary Americans suffer, Wells Fargo suffers. So how is Wells Fargo doing? After all, many Americans are suffering because of the COVID-19 pandemic and economic downturn.
Consequently, Wells Fargo has serious management and ethical problems. Hence, Buffett could be smart to dump this stock.
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The potential challenges Wells Fargo faces are vast. The greatest of these is falling revenues, which probably reflects the growing implosion of the mortgage market.
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